When Rep. Alan Grayson (D-Orlando) asked Inspector General Elizabeth Coleman of the Federal Reserve some very basic questions about where the trillions of dollars that have come from the Fed's expanded balance sheet went, the IG didn't know.
Having said that, the Federal Reserve is not a US Government body, the US Government does not OWN the Fed, though one might well ask if the Fed owns the United States. The above introduction - with a very minor edit - is by Julie Crawshaw of MoneyNews.Com (via a blog). The text below is one version of an ancient English poem The Goose And The Commons.
The law locks up the man or woman
Who steals the goose from off the common
But leaves the greater villain loose
Who steals the common from off the goose.